First Half 2014 Financial Results 21 July 2014€¦ · First Half 2014 Financial Results ......
Transcript of First Half 2014 Financial Results 21 July 2014€¦ · First Half 2014 Financial Results ......
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First Half 2014 Financial Results
21 July 2014
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The past performance of Keppel REIT is not necessarily indicative of its future performance. Certain
statements made in this presentation may not be based on historical information or facts and may be
“forward-looking” statements due to a number of risks, uncertainties and assumptions. Representative
examples of these factors include (without limitation) general industry and economic conditions, interest
rate trends, cost of capital and capital availability, competition from similar developments, shifts in
expected levels of property rental income, changes in operating expenses, including employee wages,
benefits and training, property expenses and governmental and public policy changes, and the continued
availability of financing in the amounts and terms necessary to support future business.
Prospective investors and unitholders of Keppel REIT (Unitholders) are cautioned not to place undue reliance
on these forward-looking statements, which are based on the current view of Keppel REIT Management
Limited (as manager of Keppel REIT) (the Manager) on future events. No representation or warranty, express
or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information, or opinions contained in this presentation. None of the Manager, the trustee
of Keppel REIT or any of their respective advisors, representatives or agents shall have any responsibility or
liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this
presentation or its contents or otherwise arising in connection with this presentation. The information set
out herein may be subject to updating, completion, revision, verification and amendment and such
information may change materially. The value of units in Keppel REIT (Units) and the income derived from
them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any
of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the
principal amount invested.
Investors have no right to request the Manager to redeem their Units while the Units are listed. It is
intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities
Trading Limited (SGX-ST). Listing of the Units on SGX-ST does not guarantee a liquid market for the Units.
Important Notice
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Keppel REIT
1 Based on market closing unit price of $1.28 on 30 June 2014.
Portfolio of ten quality Premium Grade and Grade
A office assets, tenanted to established corporate
tenants well-diversified across various business
sectors
1
4
3
5
Total portfolio value of more than $7.2 billion
Total NLA of approximately 3.1m sf as at
30 June 2014
Market capitalisation of $3.6 billion1 as at
30 June 2014
Strong sponsorship by Keppel Land Limited
2 Premium office buildings located in the prime
CBDs of Singapore and Australia, both countries
with AAA sovereign ratings
6
3
Marina Bay Financial Centre,
Singapore
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Marina Bay Financial Centre
Phase 1 (33.3% interest)
Prudential Tower (92.8% interest) *Divestment expected to be completed
in 3Q2014
One Raffles Quay
(33.3% interest)
Ocean Financial Centre
(99.9% interest)
Bugis Junction Towers
Singapore Properties
Australia Properties
77 King Street Office
Tower, Sydney
275 George Street,
Brisbane
(50% interest)
8 Chifley Square,
Sydney
(50% interest)
Old Treasury Building Office
Tower, Perth (50% interest)
* Expected completion in 2H 2015
8 Exhibition Street,
Melbourne
(50% interest)
Premium Office Buildings located in the
Prime CBDs of Singapore and Australia
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\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 1. Key Highlights
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Bugis Junction Towers,
Singapore
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1H 2014 Key Financial Highlights
» 18% y-o-y to $78.7 million
» Stronger performance from Ocean Financial Centre and Prudential Tower, and additional contribution from 8 Exhibition Street
Net Property Income
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» 14% y-o-y to $94.1 million
Property Income
» 3% y-o-y to $108.3 million
Distributable Income
» Distribution yield of 6.1% for 1H 2014
Distributable Yield
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1H 2014 Key Capital Management Highlights
» Weighted average term to maturity at 3.6 years
» As at 1H 2014, 33% and 16% of borrowings due in 2015 and 2016 respectively have been refinanced early
Weighted Average Term to Maturity of Borrowings
» Healthy interest coverage ratio of 5.2 times
Interest Coverage Ratio
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1H 2014 Key Portfolio Highlights
Singapore Portfolio
» Maintained committed occupancy of 97.9%
Australia Portfolio
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» Average committed occupancy of 99.8%, higher than the Singapore core CBD occupancy of 95.8%
» Announced the divestment of its 92.8% interest in Prudential Tower for $512 million
» 4.5% premium to the latest valuation of $490 million
» 46.7% premium to the original purchase price of $349.1 million
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1H 2014 Key Portfolio Highlights
» Average committed occupancy at 99.4%
» Proactive leasing strategy with forward renewals of approximately 164,000 sf of attributable NLA
Tenants from the banking, insurance and financial services, telecommunications and multimedia, accounting and consultancy services as well as real estate and property sectors
» Tenant retention rate of 87% in 1H 2014
» Maintained healthy weighted average lease expiry (WALE)
8.5 years for its top ten tenants (by NLA)
6.2 years for its overall portfolio (by NLA)
Overall Portfolio
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Ocean Financial Centre,
Singapore
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Net property income 18.0% y-o-y to $78.7 m
1H 2014 1H 2013
Property Income $94.1 m $82.6 m
Net Property Income $78.7 m $66.7 m
Share of Results of Associates $30.2 m $30.4 m
Distributable Income to Unitholders1 $108.3 m $105.1 m
Distribution Per Unit
- For the Period 3.87 cents 3.94 cents
Distribution Yield 6.1% 6.1%
1 The distributable income to Unitholders is based on 100% of the taxable income available for distribution.
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$82.6m
$66.7m
$30.4m
$105.1m $94.1m
$78.7m
$30.2m
$108.3m
Property Income Net Property Income Share of Results of Associates
Distributable Income to Unitholders
1H 2013 1H 2014
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As at 30 June 2014 As at 31 Mar 2014
Non-current Assets $6,716 m $6,666 m
Total Assets $6,884 m $6,785 m
Borrowings1 $3,117 m $3,060 m
Total Liabilities $2,972 m $2,893 m
Unitholders’ Funds $3,910 m $3,890 m
Net Asset Value (NAV) Per Unit $1.40 $1.39
Adjusted NAV Per Unit2 $1.38 $1.37
1 These include borrowings accounted for at the level of associates and excludes the unamortised portion of upfront fees in relation to the borrowings. 2 For 31 March 2014, this excludes the distribution paid in May 2014. For 30 June 2014, this excludes the distribution to be paid in August 2014.
Balance Sheet
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Distribution Period 1 April 2014 – 30 June 2014
Distribution Per Unit (DPU) 1.90 cents
Distribution Timetable
Trading on “Ex” Basis Friday, 25 July 2014
Books Closure Date Wednesday, 30 July 2014
Distribution Payment Date Thursday, 28 August 2014
2Q 2014 Distribution Per Unit
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8 Exhibition Street,
Melbourne
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Capital Management
Loans Due in 2015
Early refinanced 33%
$275 million
All-in Interest Rate
2.20%
Loans Due in 2016
Early refinanced 16% $75 million
Weighted Average Term to Expiry
3.6 years
Percentage of Assets Unencumbered
75% or $5.5 billion of property portfolio
Borrowings on Fixed-rate
67% of borrowings
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» Proactive capital management strategy
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Capital Management
As at 30 June 2014
Gross Borrowings $3,117 m
Aggregate Leverage 42.8%
Interest Coverage Ratio 5.2 times
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550
404
711 715
387
275
75
350
0
100
200
300
400
500
600
700
800
900
2014 2015 2016 2017 2018 2019 2020
Millions Debt Maturity Profile
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Portfolio Committed Occupancy
Australia
97.9%
Singapore
99.8%
1 Source: CBRE 18
» Overall portfolio committed occupancy of 99.4%
100.0% 100.0% 100.0% 99.4% 100.0%
97.0%
100.0% 100.0%
92.1%
99.4%
Bugis Junction Towers
MBFC Phase 1 One Raffles Quay
Ocean Financial Centre
Prudential Tower
8 Chifley Square
8 Exhibition Street
275 George Street
77 King Street Portfolio
Singapore core CBD occupancy at 95.8%1
Overall
99.4%
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80%
85%
90%
95%
100%
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Keppel REIT Historical Occupancy
Keppel REIT Occupancy Singapore Core CBD Occupancy
Keppel REIT Historical Occupancy
1 Source: CBRE 19
» Keppel REIT’s portfolio occupancy has strengthened 0.3% y-o-y, and is consistently above Singapore’s Core CBD occupancy levels
Keppel
REIT
95.8%1
99.4% 99.1%
97.0%
97.9% 97.9%
Singapore
Core CBD
94.9%
2009 2010 2011 2012 2013 2014
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Lease Portfolio
Weighted Average Lease Expiry (WALE)
Top T
en T
enants
WA
LE
Port
folio W
ALE
8.5 years1
6.2 years2
1 Excluding the acquisition of the Old Treasury Building office tower, the top ten tenants WALE will be 6.4 years. 2 Excluding the acquisition of the Old Treasury Building office tower, the portfolio WALE will be 5.1 years. 3 Long-term leases are those with lease terms to expiry of at least five years.
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» Top ten tenants, accounting for 41% of portfolio NLA, have a long WALE of 8.5 years1
Long-term leases 42%
Short-term leases 58%
Portfolio with Long-Term Leases3 by NLA
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Lease Expiry Profile
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» In 2Q 2014, approximately 93,000 sf of attributable NLA were renewed and leased to tenants from the banking, insurance and financial services, telecommunications and multimedia, fund management as well as legal sectors
» Only 0.7% (~21,000 sf) of Keppel REIT’s portfolio (by NLA) remains to be renewed, while 6.1% (~189,000 sf) remains to be reviewed for the remaining of 2014
0.7%
7.9%
20.2%
17.2%
9.8%
15.1%
6.1%
9.2%
4.8% 4.3%
8.9%
0.2%
2014 2015 2016 2017 2018 2019
Portfolio Lease Profile (by NLA) as at 30 June 2014
Leases Expiring as a Percentage of Total Portfolio NLA Rent Review as a Percentage of Total Portfolio NLA
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Tenants Diversified across Various Business Sectors
1 Tenants with multiple leases are accounted as one tenant
Number of tenants
262
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Accounting & consultancy services, 5.6%
Banking, insurance & financial services, 47.6%
Government agency, 2.4% Hospitality & leisure, 1.8%
IT services & consultancy, 2.4%
Others, 2.3%
Real estate & property services, 6.4%
Services, 4.4%
Shipping & marine services, 0.3%
Energy & natural resources, 8.2%
F&B, 1.2%
Legal, 8.5%
Telecommunications & mulitimedia, 8.2%
Retail (Exclude F&B and Services), 0.8%
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Tenant Base
Ocean Financial Centre
Marina Bay Financial Centre Phase 1
One Raffles Quay
275 George Street
8 Exhibition Street
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» Top ten tenants account for approximately 41% of portfolio NLA, diversified across 5 buildings
2.5%
3.0%
3.1%
3.2%
3.3%
3.4%
5.1%
5.6%
6.8%
4.9%
BHP Billiton Marketing Asia Pte Ltd
Deutsche Bank Aktiengesellschaft
BNP Paribas
Drew & Napier LLC
Barclays Capital Service Limited Singapore Branch
UBS AG
Ernst & Young Services Limited
Telstra Corporation Limited
Standard Chartered Bank
Australia and New Zealand Banking Group Ltd
Top Ten Tenants
Australia and New Zealand Banking Group
Standard Chartered Bank
Telstra Corporation
Ernst & Young
UBS
Barclays
Drew & Napier
BNP Paribas
Deutsche Bank
BHP Billiton
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New Tenants - Office
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Some of Keppel REIT’s new tenants
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New Tenants - Retail
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Before
» Location: Marina Bay Link Mall
» A 20-seat café serving 12 or 13 pizza options which change every 80 days
» Location: Bugis Junction Towers
» Subdivided existing retail shop into two units to introduce a café serving Peranakan delights
HarriAnns Nonya Table
Eighty Days
After
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Tenant Engagement
» Venue partner for root, an art exhibition featuring local young artists and providing them opportunities to showcase their works
Ocean Financial Centre
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» Monthly lunchtime performances
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Community Engagement
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» Fifth consecutive year that Keppel REIT is reaching out to the children at MINDSville@Napiri
» Equipping the children with daily skills through a two-course cooking session
Partnership with MINDSville@Napiri
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Marina Bay Financial Centre,
Singapore
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Office Market Review – Singapore
1
1 Source: CBRE 29
» Demand in the quarter was mainly from the insurance, energy and commodities, e-commerce and IT sectors
» Leasing demand from Asia Pacific financial institutions continued to be robust
» Average core CBD occupancy increased to 95.8%, and average monthly Grade A office rents grew 3.4% q-o-q to reach $10.60 psf
$10.60 $11.06 $11.00
$10.60 $10.10
$9.80 $9.58 $9.55 $9.55 $9.55 $9.75 $10.25
$10.60
93.1% 92.3% 91.2% 90.7% 91.6%
93.2% 92.2%
93.2% 95.0%
93.5% 95.2% 95.7% 95.8%
50%
60%
70%
80%
90%
100%
$-
$3
$6
$9
$12
$15
Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14
Core
CBD
Occupancy
Avera
ge G
rade A
Off
ice R
enta
l ($
psf
pm
)
Average Grade A Rental ($ psf pm) Core CBD Occupancy
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Market Outlook
» Economy is expected to grow 2.1% y-o-y in 2Q 2014
» Leasing activities and enquiries remained steady through
2Q 2014, especially in the CBD
» The upside in rent is likely to continue for the rest of this year
and 2015 given low vacancy levels, limited new supply and
moderately positive demand
Singapore
» Economy recorded a 3.5% GDP growth in 1Q 2014
» Cash rate remains at 2.5% and interest rates are likely to maintain
at current levels
» Moody's affirmed Australia's Aaa credit rating with a stable outlook
Australia
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Source: Ministry of Trade and Industry, CBRE
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Old Treasury Building Office Tower,
Perth
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2006 2007 2009 2012 2013
Renamed
2011 2010 32 2014
$630.7 m
listed in April
• Maiden
acquisition:
One Raffles
Quay
• Strategically
located at
Marina Bay
$2.1 billion
• First third-
party
acquisition:
Increased
stake in
Prudential
Tower
$2.1 billion $3.5 billion
• First overseas
acquisition
• First SREIT to
qualify for MIT
structure
• First strategic
asset swap to
acquire
MBFC Phase 1 $6.0 billion
• First forward
funding
acquisition
structure
• First SREIT to
structure LLP
to hold assets
$6.5 billion
• Increased
interest in OFC
to 99.9%
• Obtained tax
transparency
for MBFC Phase 1
• Switched to
quarterly
distributions
• Acquisition of
the new office
tower at the
Old Treasury
Building in
Perth, WA
$6.8 billion
• Announced the
acquisition of
8 Exhibition
Street in
Melbourne
More than
$7.2 billion
• Announced
divestment of
stake in
Prudential
Tower
(completion in
Sept 2014)
Growth History
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(1) Tenants with multiple leases accounted as one tenant . (2) Valuation as at 31 December 2013 based on Keppel REIT’s interest in the respective properties unless otherwise stated. (3) Refers to Keppel REIT’s one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall, and a one-third interest in One Raffles Quay.
Ocean Financial Centre
Marina Bay Financial
Centre Phase One(3)
One Raffles
Quay(3) Prudential Tower Bugis Junction
Towers
Description
43-storey premium Grade A office
tower
A pair of 33 and 50 storey premium Grade
A office towers and subterranean mall
A pair of 50 and 29 storey premium Grade A office
towers 30-storey Grade A
office tower 15-storey Grade A
office tower
Attributable NLA (sf) 884,525 581,626 445,230 221,080 244,987
Ownership 99.9% 33.3% 33.3% 92.8% 100.0%
Number of tenants(1) 47 91 36 39 15
Principal tenants
ANZ, BNP Paribas,
Drew & Napier
Barclays Capital, BHP Billiton,
Standard Chartered Bank
Royal Bank of Scotland,
Deutsche Bank, UBS
Prudential Assurance Singapore,
UniCredit Bank, Compass Office
IE Singapore, InterContinental
Hotels Group, Keppel Land
Tenure 99 years expiring
13 Dec 2110 99 years expiring
10 Oct 2104 99 years expiring
12 Jun 2100 99 years expiring
14 Jan 2095 99 years expiring
9 Sep 2089
Valuation(2) ($ million) 2,515.0 1,609.0 1,200.0 490.0 504.8
Committed occupancy 99.4% 100.0% 100.0% 100.0% 100.0%
» AUM of more than $7.2 billion as at 30 June 2014 » More than 92% of the Singapore portfolio is located in the Raffles Place and Marina Bay precincts » 87% of portfolio in Singapore, and 13% in Australia
Portfolio Information
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(1) Tenants with multiple leases accounted as one tenant. (2) Valuation as at 31 December 2013 based on Keppel REIT’s interest in the respective properties unless otherwise stated and based on the exchange rate of A$1 = S$1.174. (3) Pre-committed leases. (4) The 99 year leasehold tenure will commence on the date of practical completion of the property.
8 Chifley
Square, Sydney
77 King Street
Office Tower,
Sydney
8 Exhibition
Street,
Melbourne
275 George
Street, Brisbane
Office Tower to be
built at the Old
Treasury Building site,
Perth
Description 34-storey Grade A
office tower 18-storey Grade A
office tower 35-storey Grade A
office tower 30-storey Grade A
office tower
33-storey Grade A office tower scheduled
for completion in 2H 2015
Attributable NLA (sf)
104,050 147,980 241,784 224,688 165,685
Ownership 50.0% 100.0% 50.0% 50.0% 50.0%
Number of tenants(1) 7 12 17 8 1
Principal tenants
Corrs Chambers Westgarth,
QBE Insurance Group, Quantium Group
Apple, Facebook,
Capgemini Australia
Ernst & Young, UBS,
AECOM Australia
Queensland Gas Company, Telstra
Corporation
Government of Western Australia (3)
Tenure 99 years expiring
5 Apr 2105 Freehold Freehold Freehold 99 years(4)
Valuation(2) (S$ million) 202.5 146.8 198.7 225.4 131.5
Committed occupancy
97.0% 92.1% 100.0% 100.0% 98.2%
Portfolio Information
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One Raffles Quay,
Singapore
Thank You